• Naira crashes in new currency exchange rate

    Naira crashes in new currency exchange rate

    The naira is having a hard time standing against the dollar as the currency takes the worst nose-dive in recent weeks.

    See snapshot of both interbank and parallel market

  • FRSC to review drivers license in light of current exchange rate

    FRSC to review drivers license in light of current exchange rate

    Dr Boboye Oyeyemi, the Corps Marshal of the Federal Road Safety Commission (FRSC), has said the corps will submit a proposal to the Joint Task Board of the commission for a review of the drivers’ license fees due to the change in exchange rate.

    Oyeyemi made this known on Wednesday at the capacity building workshop for Sector Heads of Drivers’ License Centres in Abuja and said that the review was necessitated by the prevailing foreign exchange and capacity; hence the corps […]

  • No concessionary foreign exchange rate for pilgrims – CBN

    No concessionary foreign exchange rate for pilgrims – CBN

    The Central Bank of Nigeria (CBN) has debunked claims in certain quarters suggesting that prospective pilgrims have been granted concessionary foreign exchange rate for the 2016 pilgrimage.

    This is contained in a statement in Abuja on Tuesday by the bank’s acting Director of Communications, Mr Isaac Okorafor.

    According to the statement, the CBN Governor, Mr Godwin Emefiele, said there was no preferential exchange rate of any sort to intending pilgrims.

    He clarified that laid down procedure was followed in arriving at the exchange […]

  • Naira falls very low again as dollar demand rises…See the shocking exchange rate

    Naira falls very low again as dollar demand rises…See the shocking exchange rate

    The travails of the Naira in the parallel market is apparently far from being over as the currency tumbles to a new low. The naira weakened further on Friday, trading at 360 to the United States dollar at the parallel market, amid a rise in demand for dollars by fuel importers.

    According to reports, the local currency stood at 341 at the unofficial market on Thursday, a day after the Federal Government announced the removal of fuel subsidy and a new […]